Telestack specialises in the design, manufacture and installation of a range of mobile bulk material handling systems which are sold globally via a network of dealers and agents.

Arlene Foster said: “Northern Ireland is a recognised centre of excellence in the design and manufacture of materials handling equipment and Telestack’s substantial capital investment is a significant boost for one of our most successful industries.

“The 40 skilled jobs to be created in Tyrone will have salaries above the private sector median and will contribute over £1million annually to the economy. This investment is very welcome news for the local area which is renowned for heavy engineering equipment production and also has the skills base to facilitate Telestack’s growth plans.”

Invest Northern Ireland has offered Telestack £444,000 to support its three year growth plan, which includes extending its factory and enhancing its IT systems. Invest NI’s support is part funded by the European Regional Development Fund.

In addition to the new jobs at Telestack, this project has the potential to create up to 15 skilled jobs in the local supply chain through complementary business opportunities.

Adrian McCutcheon, Managing Director of Telestack, said: “We aim to substantially increase our sales from global customers by 2016 and so need to extend our workforce and operational facilities to support this expected growth. The support offered by Invest NI was essential in our decision to undertake this expansion which will help to underpin our competitive position in the sector and secure emerging new business across South America, Australia, Africa and the USA.”